Most of us who are young, fit, and healthy aren’t even thinking about our need for long-term care. It’s hard to imagine a time when we are unable to look after ourselves, or even rely on a partner to look after us, but the reality is, as many as 1.4 million people aged 65 or over in the UK will require some form of care. 
The problem is, the current social care funding system is complex, confusing and failing to meet the needs of far too many vulnerable individuals. There is much confusion as to what the State provides for those in need of social care, which is inevitably resulting in people not planning or saving for their long-term care.
If you, a partner, or even your parents are requiring some sort of social care, and are wondering how you can fund it, here are some steps to take to help with your planning:
Make sure you are clear about your current situation and what is causing the requirement for care. Is it a health care need or a social need?
Some questions that may identify the level of care you need include:
You can book a care needs assessment from the local authority. This is free of charge and will help to identify the care and support that you/your partner requires. This will also determine whether they qualify for local authority care.
You will need to decide whether the care can take place within their own home, or whether a full time care home is required. If you have support from a partner or family member, and are fairly self-sufficient living in your own home, you could consider adapting their home to work around your needs. In some circumstances, local authorities will help to fund adaptations to enable disabled people, or those with limited mobility, to continue living at home.
St. James’s Place Wealth Management’s relationship with Care Sourcer helps you to understand and find elderly care services. Their impartial advice offers help and guidance on issues such as what type of care you may need, liaising with care homes and providers and help you understand the care fees involved.
If you have the resources to self-fund your own social care, it’s important to consider the potential impact this option may have on your retirement savings, estate, assets, level of care and legacy.
The average cost of a care home in England is around £35,000 a year and some people spend many years in care. We suggest speaking with one of our financial advisers before committing to funding your own care so that you understand the implications and the long-term commitment this may involve.
The services provided by Care Sourcer are separate and distinct to those provided by St. James’s Place.
 Kings Fund, Key Facts and Figures Adult Social Care, July 2021
 Which? analysis of LaingBuisson’s Care Homes for Older People UK Market Report, Jan 2021